November 15, 2010

Japan is third largest buyer of US soy

Japan purchased 86 million bushels of soy from the US in the previous year and 14 million bushels of soymeal from the US, making Japan the third largest buyer of American soy. 

Agricultural exports brought about US$40 billion to US-Japanese trade in 2009.

"I commend President Obama for working to strengthen US-Japanese trade relations," said United Soybean Board (USB) chairman, Phil Bradshaw. "Soy is the number one US agricultural export and make a large net contribution to the US agricultural trade balance."

The US and Japan have a 54-year relationship which started in 1956 when a group of Japanese soy industry representatives visited the US. That exchange has been sustained by the US Soy Export Council using soy checkoff funding, and the US has more than 70% market share of soy imported by Japan currently.

A delegation of soy farmers, including Bradshaw, recently met with Japanese importers and buyers to express their gratitude for their business and to find ways to increase the growth of this important market.

"Japanese demand for US pork and poultry means more US soy meal utilisation," Bradshaw said. "The Japanese market for the industrial use of soy also possesses potential."